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CatIQ sets final loss estimate for 2024 Calgary hailstorm at CAD 3.35bn
CatIQ said more than 95% of reported claims for the Aug. 5, 2024 event are estimated resolved, up from 86% at the one-year mark.
Catastrophe Indices and Quantification Inc, CatIQ, has closed its book on the 2024 Calgary, Alberta hailstorm with a final industry loss estimate of about CAD 3.35 billion for insured losses.
CatIQ said the figure is broadly unchanged from its one-year post-event estimate of CAD 3.293 billion, but slightly above its earlier fourth estimate of CAD 3.25 billion issued six months after the storm. The estimate covers property claims, including both commercial and residential losses, as well as vehicle, or motor, claims, and it includes additional loss adjustment expenses.
CatIQ also said that, two years after what it described as Canada’s largest hail catastrophe, more than 95% of reported claims are estimated to have been resolved, up from 86% at the one-year mark. It noted that the 2024 event appears to have progressed more slowly through the first year than the prior largest Calgary hail event in 2020, where 90% of claims were closed at one year and 96% at two years.
Beyond Calgary, CatIQ issued an initial industry loss estimate for a severe thunderstorm that affected southern Ontario and Quebec in early July 2026, estimating CAD 374 million, and it provided a 45-day post-event update for a June 2026 flooding event impacting Montreal’s West Island, currently estimated at CAD 411 million, according to Reinsurance News.